ELMAPO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ELMAPO
Largest movements
- Tangible fixed assets -€23,819
down €23,819 (-4.6%), from €522,259 to €498,440
of which Land and buildings: -€15,917
- Debts after one year -€19,656
down €19,656 (-37.7%), from €52,175 to €32,519
- Other debts +€9,225
up €9,225 (+84.7%), from €10,890 to €20,115
- Reserves -€6,882
down €6,882 (-2.5%), from €276,383 to €269,501
of which Tax-exempt reserves: -€6,882
- Financial charges +€738
up €738 (+19.2%), from €3,843 to €4,582
- Other operating charges -€540
down €540 (-14.1%), from €3,838 to €3,299
- Gross operating margin -€317
down €317 (-1.7%), from €18,185 to €17,868
- Depreciation +€205
up €205 (+0.9%), from €23,614 to €23,819
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €534,563 | €504,787 | -€29,776 | -5.6% |
| Fixed assets | 21/28 | €522,259 | €498,440 | -€23,819 | -4.6% |
| Tangible fixed assets | 22/27 | €522,259 | €498,440 | -€23,819 | -4.6% |
| Land and buildings | 22 | €499,124 | €483,207 | -€15,917 | -3.2% |
| Furniture and vehicles | 24 | €23,135 | €15,233 | -€7,902 | -34.2% |
| Current assets | 29/58 | €12,304 | €6,347 | -€5,958 | -48.4% |
| Amounts receivable within one year | 40/41 | €8,896 | €5,160 | -€3,736 | -42.0% |
| Trade receivables | 40 | €2,304 | €804 | -€1,500 | -65.1% |
| Other amounts receivable | 41 | €6,592 | €4,356 | -€2,236 | -33.9% |
| Cash at bank and in hand | 54/58 | €1,226 | €716 | -€510 | -41.6% |
| Deferred charges and accrued income | 490/1 | €2,182 | €471 | -€1,712 | -78.4% |
| Total equity and liabilities | 10/49 | €534,563 | €504,787 | -€29,776 | -5.6% |
| Equity | 10/15 | €382,519 | €371,402 | -€11,117 | -2.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €276,383 | €269,501 | -€6,882 | -2.5% |
| Tax-exempt reserves | 132 | €163,336 | €156,454 | -€6,882 | -4.2% |
| Distributable reserves | 133 | €113,047 | €113,047 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,162 | €39,928 | -€4,234 | -9.6% |
| Provisions and deferred taxes | 16 | €50,864 | €47,974 | -€2,891 | -5.7% |
| Deferred taxes | 168 | €50,864 | €47,974 | -€2,891 | -5.7% |
| Amounts payable | 17/49 | €101,180 | €85,411 | -€15,769 | -15.6% |
| Amounts payable after more than one year | 17 | €52,175 | €32,519 | -€19,656 | -37.7% |
| Financial debts | 170/4 | €52,175 | €32,519 | -€19,656 | -37.7% |
| Amounts payable within one year | 42/48 | €49,005 | €51,665 | +€2,660 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €20,950 | €19,656 | -€1,294 | -6.2% |
| Trade debts | 44 | €11,360 | €11,407 | +€47 | +0.4% |
| Suppliers | 440/4 | €11,360 | €11,407 | +€47 | +0.4% |
| Taxes, remuneration and social security | 45 | €5,805 | €486 | -€5,318 | -91.6% |
| Taxes | 450/3 | €5,805 | €486 | -€5,318 | -91.6% |
| Other amounts payable | 47/48 | €10,890 | €20,115 | +€9,225 | +84.7% |
| Accrued charges and deferred income | 492/3 | - | €1,227 | +€1,227 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,614 | €23,819 | +€205 | +0.9% |
| Other operating charges | 640/8 | €3,838 | €3,299 | -€540 | -14.1% |
| Gross operating margin | 9900 | €18,185 | €17,868 | -€317 | -1.7% |
| Operating profit (loss) | 9901 | -€9,267 | -€9,250 | +€18 | +0.2% |
| Financial income | 75/76B | €55 | €0 | -€55 | -99.2% |
| Recurring financial income | 75 | €55 | €0 | -€55 | -99.2% |
| Financial charges | 65/66B | €3,843 | €4,582 | +€738 | +19.2% |
| Recurring financial charges | 65 | €3,843 | €4,582 | +€738 | +19.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,056 | -€13,831 | -€775 | -5.9% |
| Transfer from deferred taxes | 780 | €2,891 | €2,891 | = | 0.0% |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€10,339 | -€11,117 | -€777 | -7.5% |
| Transfer from tax-exempt reserves | 789 | €6,882 | €6,882 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,457 | -€4,234 | -€777 | -22.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.